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Varo: Digital banking for all

Varo offers digital banking services to retail customers via a web portal and mobile app and is the first neobank to obtain a US banking charter. 
  • Its products include savings and checking accounts (inclusive of a debit card), a credit builder account, and cash advance and money transfer features. 
  • The credit builder account: Varo Believe includes a credit card, and the amount of money spent is automatically set aside on this account to ensure prompt and complete payments that help individuals improve their credit scores.
  • In addition, Varo accounts can be linked with payment services such as Apple Pay, Google Pay, and PayPal.
Below, we present a detailed company teardown published by our content partner Sacra (February 2023), which takes a deeper look at Varo’s financials, business model, competitive environment, and market opportunities.

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